Most business articles will advise you on ways to improve sales, cut costs, hire the right personal, raise capital and a host of other formal topics of interest. In this article, however, we take a look at a different aspect of entrepreneurship. We look at how to cope with being in the trenches of entrepreneurship.The … Read more
We conclude our series with this 4th installment on mistakes you should avoid when preparing a business plan:Predicting a Baseless Exit StrategyOverlooking Expenses and Overstating Profit MarginsProviding Too Much Financial Detail Predicting a Baseless Exit StrategyIf I had a nickel for every business plan that said of its exit strategy, “The company will either have … Read more
Always make sure your business plan represents your company in the best possible light in the eyes of potential investors. Avoid common mistakes.Forecasting Revenues Beyond A Reasonable Growth RateBasing The Revenue Forecast On Capturing Just 1% Of The MarketIncluding Irrelevant Or Unimportant InformationDancing Around The CompetitionPredicting a Baseless Exit StrategyOverlooking Expenses and Overstating Profit MarginsProviding … Read more
In the first installment, we discussed the importance of: 1) Not having too many pages and being brief and to the point; 2) Clearly stating the product or service the opening sentence; 3) Not using a canned business plan package or someone else’s business plan as a template. Here, we continue to discuss common business … Read more
In the twenty or so years that I’ve been preparing and reviewing business plans, I have seen certain mistakes repeated over and over and over again. If you or your client or your friend or your business associate is an entrepreneur hoping to gain financing, then you’ll want to avoid the following mistakes:Having Too Many … Read more